我国交通运输类上市公司股权再融资业绩效应研究硕士学位论文.doc

摘要
上市公司公开发行募集资金后,其后续发展的关键很大程度上要看其再融资能力。再融资为上市公司的后续发展提供了坚实的动力。我国上市公司的再融资主要采用了股权融资方式,具体包括配股、增发新股及发行半股权半债权的可转换债券。随着我国证券市场的发展,股权再融资越来越成为上市公司筹措资金的重要手段。而上市公司再融资后的业绩表现一直是业内比较关心的问题。上市公司再融资后,获得大量资金,投资于新项目,本应大幅提升其业绩,而事实上近年来对上市公司再融资持批判态度的专家和学者越来越多。在我国不断发展经济的影响下,交通运输行业出于自身发展的需要及其特殊的行业特点,在再融资市场上非常活跃。由于它有着受外界经济形势影响大、融资金额巨大的特点,成为再融资市场上不可忽视的力量。本文主要对我国交通运输行业上市公司的再融资进行实证研究,具体选择研究我国交通运输类上市公司再融资的业绩效应。
本文主要采用了实证和规范相结合的研究方法。首先通过对西方融资理论的梳理和文献回顾的方式,对前人研究结论进行了总结和分析;接着分析了我国股权再融资政策演化历程、交通运输类上市公司股权再融资发展现状;然后以1999-2008年进行股权再融资的交通运输类上市公司为样本,采用描述性统计和非参数检验分析法对三类再融资公司进行了实证分析和对比研究;同时对实证结果进一步分析了其业绩变动的原因。实证研究结果表明:无论是实施配股、增发还是发行可转债的交通运输类上市公司,在再融资以后其主要财务指标均出现下滑现象,而且部分业绩指标下滑显著;对三种再融资方式两两比较结果说明,发行可转债再融资方式的公司业绩要稍好于配股和增发方式的公司。
最后,本文针对实证分析的结果,并结合我国交通运输类上市公司业绩变化的原因,从问题产生原因出发,提出了政策建议,以规范和改进上市公司的再融资行为,促进我国再融资市场的发展。
关键词:股权再融资,交通运输类上市公司,配股,增发,可转债
ABSTRACT
After the Initial Public Offerings, the following development of panies mainly depends on its refinancing ability. Refinancing provide a solid power for the following development of panies. Recent years, the panies in China often select Secondary Equity Offering which include Right Issuing, Seasoned Equity Offering, Convertible Bonds. With the development of China’s securities market, equity financing has increasingly e an important financing means of panies. However, what has been concerned is the performance of panies after refinancing. Through refinancing, a pany has substantial fund to invest in the planned project, and this should improve its performance. But more and more experts and scholars are critical of the refinancing of panies in recent years. Traffic transport industry is taking on a promising look thanks to the influence of China’s constantly developing economy. Companies in this industry are also very active in refinancing market. Because of the features of great impact by the external economic situation and huge financing amount, it increasingly es an important power in the refinancing market. This paper mainly focuses on the empirical res